The yield on the 30-year Treasury bond topped 3 percent for the first time since last May after signs pointed to an accelerating economy. At its high, the yield on the 10-year Treasury note hit 2.792 percent, its highest since April 2014.
The yield on the 30-year Treasury bond added 9 basis points to hit 3.027 percent. The yield on the benchmark 10-year Treasury note added roughly 8 basis points, hitting 2.79 percent at 3:51 p.m. ET. Bond yields move inversely to prices.
The 10-year yield rose 31 basis points in January, its largest monthly rise since November 2016, when the yield climbed 53 basis points.
On Thursday afternoon, an economic tracker from the Atlanta Federal Reserve predicted gross domestic product (GDP) would surge by 5.4 percent in the first quarter of 2018.
Yields began to move higher after that indicator's update made the rounds on Wall Street. If the prediction proves accurate, it would be the best quarter since the Great Recession ended in 2009.
Investors are also awaiting the Labor Department's latest jobs report, which could reveal wage growth, traditionally a bellwether for inflation and a healthier economy. The report is set for release Friday at 8:30 a.m. ET.
During Janet Yellen's last meeting as chair of the Fed on Wednesday, policymakers indicated that market-based measures of inflation had increased in recent months and it expected prices to move higher in the next year. The comments sent yields higher as some traders believe that the Fed will increase rates at a faster pace with a better economic outlook.